Real Madrid Signs 5-Year Shirt Sponsor Deal With Emirates

Real Madrid signed a five-year jersey sponsorship deal Thursday with Dubai-based Emirates airline that is reportedly worth up to 30 million euros ($39 million) per season.

Emirates replaces online gambling company Bwin, whose name had appeared on the jerseys worn by Real Madrid’s players the past six seasons.

Real Madrid president Florentino Perez unveiled the new agreement at Santiago Bernabeu stadium, where all of the team’s players posed with the new gear featuring the phrase “Fly Emirates” on the front.

“It’s a very important day. We’re in our stadium, a place filled with the emotion of soccer,” Perez said.

He was accompanied by Emirates’ president and CEO, Sheikh Ahmed bin Saeed Al Maktoum.

“This alliance will serve to strengthen ties between Spain and the United Arab Emirates. As of today, we share one of the great symbols, the Real Madrid jersey ... This is just the start of the journey. The word ‘impossible’ doesn’t exist. Together we’re stronger and together we’ll achieve our goals,” Perez said.

Club officials said Emirates would pay Real Madrid 25 million euros ($32.6 million) annually, a figure that could rise to as much as 30 million euros depending on the team’s results.